Private lender ICICI Bank on Thursday said that it has accepted Chanda Kochhar's request for early retirement, the bank informed the stock exchanges.

"The board of directors of ICICI Bank Limited, accepted the request of Ms Chanda Kochhar to seek early retirement from the bank at the earliest. The board accepted this request with immediate effect," it stated.

ICICI further said that the "enquiry instituted by the board will remain unaffected" and "certain benefits will be subject to the outcome of the enquiry."

Kochhar will also relinquish office from the board of directors of the bank's subsidiaries, it added.

The board decided to appoint Sandeep Bakhshi as managing director and chief executive officer. His appointment will be for a period of five years until October 3, 2023, subject to regulatory and other approvals.

The other terms and conditions of his appointment, such as remuneration, would remain unchanged.

Separately, due to health reasons MD Mallya, independent director, resigned from the board and the same was accepted.

ICICI Bank and the business dealings of the Kochhar family have come under the regulatory glare of Sebi and other agencies after a whistleblower reported to the government agencies that the family had some "quid pro quo" in its dealings with the now bankrupt Videocon group.#casansaar (Source - PTI, Times of India)